Latest news with #026
Express Tribune
13-06-2025
- Business
- Express Tribune
Punjab held back Rs2b sugarcane fund
An audit report has revealed that Punjab's finance department did not release over Rs2 billion fund earmarked for the development of sugarcane sector in the last provincial budget in violation of the Punjab Sugarcane (Development) Cess Rules, 1964. As per the rules, a fund — the Sugarcane Development Fund — is created in each district of the province. The fund of each district is operated by the concerned DCO. The Finance Department releases funds to the respective DCO after deduction of 10% of the total collection of the cess for the Sugarcane Research and Development Board and deduction of 2% collection charges. According to the Auditor General of Pakistan report, it transpired during the audit of the finance department's civil accounts of June, 2023 that there existed a liability of Rs20,335,026,047 under "G-11212-Deposits on Sugarcane Development Cess Fund". "The Cane Commissioner of Punjab had deposited an amount of Rs5,090,152,163 in Account-I for the purpose of subsequent distribution of funds. "Although the Finance Department had not released the authority for payment, the DAO Faisalabad and Vehari made payments of 55,286,766 and Rs. 28,682,577 respectively." Additionally, 2% collection charges were also not incorporated in the budget. The auditor said it is of the view that lapse occurred due to weak administrative and financial controls. It said the matter was further reported to the Administrative Department and during a departmental account committee (DAC) meeting held on January 30, 2025, it was decided that the para should be kept pending until the SOPS/policy are formulated in consultation with stakeholders. "As regards the remaining paras, neither any reply was received nor a DAC meeting convened till the finalization of this report despite issuance of reminders in November and December 2024." The audit recommended proper allocation and utilization of the Sugarcane Development Cess Fund, in accordance with the specified rules. "[These allocations and utilizations] are imperative to ensure the intended developmental projects are carried out efficiently and transparently," it added.
Gulf Business
19-03-2025
- Business
- Gulf Business
Insights: Why GCC residents are looking for property in Northern England
Image: Supplied London has long been the favoured destination for investors from the Gulf. However, new data from Nomo, the digital arm of the Bank of London and The Middle East, and Rightmove shows GCC residents are taking more of an interest in other areas of the UK. Northern England and Scotland are becoming popular among property purchasers from the Gulf due to two key drivers — affordability and opportunity. Encompassing major cities like Manchester, Liverpool, Glasgow, Edinburgh, Leeds, and Newcastle, the value proposition of investing in these areas is becoming greater and is appealing to investors and purchasers alike. Affordability is appealing Affordability is a cornerstone of Northern England's appeal. Compared to London, where property prices are the highest in the UK, cities like Manchester and Liverpool present a more accessible entry point into the UK Make no mistake, London is still the most popular destination for GCC buyers, accounting for nearly one-in-four (24 per cent) enquiries made on Rightmove from the Gulf. Its global reputation, secure market, and status as an economic hub makes it a prime location for business and leisure alike. However, this all comes at a price. In 2024, the average house price in London is GBP687,026 – which will often only buy a modest one- or two-bedroom flat in the most desirable areas. This is more than a £100,000 cash increase from 2014, when the average price was GBP576,000. Affordability does not mean a compromise on quality or location. The average house price in Manchester is GBP264,250, Liverpool GBP207,438 The demand in the GCC for Northern property bears this out. Fifteen per cent of all GCC Rightmove inquiries are for the North West – greater than the 'home counties' in the South East (11 per cent), and the South West (9 per cent). Five per cent of all inquiries are for Yorkshire and the Humber, home to the major Northern cities of York, Leeds and Sheffield, and a further 3 per cent for the North East. Combined, these three regions are almost as popular as London. Northern England holds opportunities A lower priced asset brings greater potential for high rental yields, if purchasers are looking for buy-to-let property. With lower acquisition costs in the North and potentially cheaper operational costs, a larger proportion of rental income contributes to returns. The tenant demand in Northern cities is strong too, particularly among students. The cities of Manchester and Liverpool contain 12 universities between them – attracting hundreds of thousands of students looking for accommodation throughout the academic year. Seen as a safe investment due to the steady stream occupants, Nomo is increasingly providing property finance to GCC investors for this exact buy-to-let purpose. But it's not just the North's many universities driving tenant demand. The area has long been a strategic priority for the UK Government to turn into a major economic hub – in recognition that the country's economic output is too dependent on the South. The new government has continued this trajectory – recently investing GBP22bn in Northern-based carbon capture projects. Open for business GCC investors make up 11 per cent of all international Rightmove enquiries for UK property, a disproportionate influence considering the six countries represent under 1 per cent of the world's total population. This suggests that the longstanding links between the UK and the Gulf are going nowhere – and neither is Gulf investors' appetite for UK property. However, when investing in any foreign market, we strongly suggest using local advisers. Particularly in the North of England where there can be substantial differences in potential rental yields between neighbourhoods and towns, on-the-ground local knowledge helps ensure you make informed, strategic decisions. The market trends strongly suggests that there will be continued interest in the North. Prices may increase in time, but the region will likely always be more affordable than the South. Those from the Gulf are recognising the opportunity this region brings, both in terms of making a first-time purchase of UK property and as a rental opportunity. The writer is the chief commercial officer, Bank of London and The Middle East.
Jordan Times
31-01-2025
- Business
- Jordan Times
'Fils Al Reef powers 5,169 homes, 371 sites in 2024'
A total of 5,169 homes and 371 sites benefit from Jordan's rural electrification projects 'Fils Al Reef' at a financial cost of about JD14.16 in 2024 (Petra photo) AMMAN — A total of 5,169 homes and 371 sites benefited from Jordan's rural electrification projects at a financial cost of about JD14.16 million in 2024, the Ministry of Energy and Mineral Resources announced on Thursday. The ministry said that Fils Al Reef, a fee added to each kilowatt a household uses, contributed to expanding the Kingdom's electricity network to cover all segments of the population, the Jordan News Agency, Petra, reported. The ministry added that this effort focused on small rural communities, mainly residential blocks consisting of only five homes, as 434 homes were powered at a financial cost of some JD2.13 million. Fils Al Reef also supported 929 individual homes located outside the regulatory boundaries at a cost of JD652,502. The ministry stressed its commitment to improving residents' living standard of areas outside the regulatory boundaries to provide support to homes of impoverished households, as JD97,026 was allocated to serve 97 homes. Fils Al Reef contributed to increasing the capacity of transformer stations to reduce weak power current and decrease electrical loss, at a cost of JD208,444 and lighting of 104 cemeteries was financed with JD675,489 to improve services for citizens. In the field of supporting productive sectors, 37 agricultural, industrial and investment projects in areas outside the regulatory boundaries benefited from Fils Al Reef at a cost of around JD1.02 million. The ministry referred to the contribution of Fils Al Reef in supporting government and security projects by allocating some JD4.88 million to help enterprises of government sectors, cooperatives and charitable societies in remote areas. In the context of exploiting alternative energy, a tender was floated to install solar cell systems connected to the Kingdom's network for 1,086 homes for underprivileged families, while solar systems were allocated to benefit 1,493 military injured personnel, which would contribute to improving their life quality. Regarding the initiative to replace lighting units, 410,000 traditional lighting fixtures were replaced with energy-saving units (LED), at a cost of JD5 million, which reduced financial burdens and achieved a "safer" environment in municipalities. The ministry pledged to continue to implement projects to support "sustainable" energy in remote areas to ensure a "more sustainable and safe" environment for citizens nationwide. The ministry noted electricity is delivered to Jordan's villages and rural communities under regular networks or renewable energy sources, aimed to reduce the financial burdens on citizens and provide power to remote homes and sites and cutting electricity bill for low-income families. On Fils Al Reef's policy, the ministry said that the initiative operates according to the principles and instructions approved by the Council of Ministers, aimed to achieve local development and meet needs of rural communities, focusing on energy sustainability in remote areas by using local sources, mainly solar energy.
